THE NORTHERN STEAMSHIP COMPANY (LIMITED).

New Zealand Herald, Volume XXX, Issue 9193, 6 May 1893, Page 6

THE NORTHERN STEAMSHIP COMPANY (LIMITED).

ANNUAL WEEING. In* twelfth annual mooting of shareholders Of the above Company was held at the Comuny'soffice, Palmers ton Buildings, yesterday afternoon, when there was a large attendance, among whom were the following : - Messrs. D. B. Cruickshank (chairman), Donald Ross, T. Minetti, W. T. Ball, S. Thome George, J. R. Gray, W. John■ton, W. S. Wilson, J. L. Wilson, J. Macfariane, C. C. Fleming, Laird, Captains H. F. Anderson and Stephenson, and Hon. W. McCullough * • 1 The following are the directors' report %nd balance-sheet. directors' REPORT. The directors beg to submit their report of the •Derations of the Company for the past year the net profit on working account for the year Aa d. Aa d. •ruling March Slat, after making provision for insurance. depreciation, and boiler account is .. 3,148 8 8 Transfer fees ... 2 10 0 3,145 18 8 Balance brought forward, , April, 1, 189.! .. -. 671 I 8 Less honorarium voted by ' the shareholders, -May 6, 1892 300 0 0 — 271 1 8 £3,417 0 4 The following appropriation of this amount is Bow recommended:— To payment of a dividend at the rate ef 6 per cent. .. .. .. 2,733 12 0

Leaving a balance to be carried to the credit of profit and low acceant .. £683 8 4 The directors respectfully recommend that for the past year a sum o! £380 be voted to them t>y the shareholders as honorarium for their services. The directors retiring by rotation are Messrs. D. B. . Cruickshank. James Macfuriaue. and W. S. Wilson, who are eligible, and offer themselves for re- *' alactioo. Mr. Charles A. Jonas, auditor, retires fend is eligible fur re-election. The dividend will be payable at the company's office, Palmerston Buildings, Queen-street, Auckland, on and after Houday. the Bth of May.—For the Board of directors, 1). B. L'RUICKSHANK, Chairman. STATEMENTS OF AOC»t7NTSThe following statements of accounts for the year ending March 31, 1893, were also submitted: — Biijlnce-shket FOR TUB Year E.VDIMi MARCH 31, 1903. LIABILITIES. £ ad. Capital. £108.750, in 150,000 shares of Its 6d each Colonial shares, 104,25?, 7s paid .. 3ft SOl 3 0 British shares, 12,4*5, fully paid .. 9,OSS 17 6 £45, MO 0 6 insurance account.. .. M .. 17,749 13 3 Boiler an ! repairs account „ .. 2,531 15 1 Bills payable 79 4 11 Account-i owing by company .. .. 11,942 11 3 Balance of prvdt and loss account .. 3,417 0 4 £81,530 6 4 assets. £ ad. Company's vessel-", gear, etc., less amoiint at credit of depreciation acco int 75,359 16 3 Shares held in trust by company .. 201 6 7 Coals, stores, etc., in stock .. .. 637 12 0 Bills receivable 10 0 0 accounts owing to company, including agents'balances .. .. .. 5,371 10 7 £81,580 6 4 PROFIT AND LOSS ACCttCXT. 1863. £• S. d. March 31.—T0 balance ~ ■» .. 3,417 0 4 £3,417 0 4 189-2. £ »• d. tori] I.—Balance brought forward .. 3,304 13 8 Less dividend 0 per cent, declared 6th Slay, 189,1, and directors' honorarium voted 6th May .. _ 3,033 12 0 £271 1 8 1593, £ s. d. March Si.Net profit for twelve months, after pr«ridinz for insurance, depreciation, and toiler accounts ~ .. >. .. 3,143 8 8 Transfer fees .. .. .. 210 0 £3,417 0 4 1893. £ R. d. April I.— available balance brought down .. .. £3,417 0 4 1 have examined the above balance-sheet and profit and loss account, together with the books and vouchers, and hereby certify that they are correct, axi exhibit a full and true sratemeut of the compa jy's affairs as required by the Articles of Associate n. Charles A. Josas, Auditor. Auckland, April 22, 1593. chairman's address. The Chairman, in moving the adoption of the report, etc., said ; Gentlemen, the report and balance-sheet, which have now been in yoar hands for several days, having been taken as read, I have pleasure in proposing their adoption. After making substantial provision for depreciation, insurance, and boiler account*, it is recommended that a dividend of 6 per cent, be paid the shareholders, which I have no doubt will meet with your approval. Nothing nit a striking character has taken place during the period now under review. We have made an addition to our fleet in the purchase of thes.s. Paeroa, with the small steamer Matuku and barges, all of which, as you are aware, are engaged in the Upper Thames trade. We have further found it necessary to purchase a cutter, the Rose Ann, to act as a tender to the 8.8. Glenelg at Raglan, by running up the arms of the harbour and collecting cargo at the several points. The B.s. Glenelg herself has undergone a Tery extensive overhaul, and is now in every way better adapted tor the service in which she is engaged. Her boiler has been renewed, hatches enlarged, etc., a large portion of the cost having been paid for out of ordinary revenue account. With regard to the Hokianga trade, I regret to state that, as the Government were not disposed to j grant us the mail subsidy we asked for, we were reluctantly compelled to withdraw the Fingal altogether rather than continue to run at a loss. She is now being thoroughly done up, and it is our intention to send her to Opotiki, where she will become a feeder to the s.s. Waiotahi. I may' mention, as an interesting feature in the year's operations that, in response to a largely - signed requisition from the settlers at Whananaki, Ngunguru, and other small surrounding parts, we have recently opened up a new trade with that district. At present we are only making a monthly trip, but with the support and cooperation of. the residents, no doubt it will develope into something considerable by * and - by. Our fleet, as a whole, has been maintained in good working order. The several trades of the company keep steady, and if we continue to participate in the general revival and enjoy immunity from any thine like serious accident, we hope to meet you Again next year with as satisfactory a statement as we have submitted to you today. I would now beg formally to propose the adoption of the' report aud balancesheet. Mr. J. L. Wilson seconded the adoption 01 the report and balance shdbt. Mr. C. C. Fleming proposed that the directors' honorarium be reduced from £300 to £100, but the motion lapsed for want of j a seconder.

The adoption of the report and balancesheet was then put by the chairman to the meeting, and carried unanimously. Mr. W. Johnston proposed, Mr. D. Ross seconded, and it. was agreed to " That the retiring directors, Messrs. Cruickshank, Macfarlane, and W. S. Wilson be reelected."" The Chairman on behalf of his re elected co-directors and himself thanked the shareholders for again appointing them to office, and for the renewed vote of confidence in their management. Mr. Charles A. Jonas was re-elected auditor, and the meeting separated.

The usual ecclesiastical notices will be found in the eighth page. The anniversary services of St. Stephen's Presbyterian Church Sunday-school will be held morrow, when the Rev. J. Guv will preach in the morning, the Rev. S. J. Serpelf in the afternoon, and the Rev. T. P. Robertson (pastor) in the . evening. Special hymns will be sung by the scholars, under the conductorship' of Mr. S. C. Johnson. Collections in aid of the Sunday-school fund. On Thursday the usual ' soiree will bo held, when musical selections will be given, and an address by the Rev. A. H. Collins, of the Ponsonby Baptist Church. At St. Andrew's, the Rev. A. Carrick will preach in the morning, on The Power of Truth, and its illustration in a celebrated trophy from the Prize Ring." The anniversary services of the Archhill Wesleyan Church will be held to morrow, when the fr v V» 8, ,£ no / V). reach in the morning, the Rev. W. J. Williams in the afternoon, and Mr. H. Held in the evening. The annual soiree will take place on Tuesday when there will be selections by the Pittstreet choir, and addresses by the Revs. S P : Prior and C. H. Laws. The Rev. VV.'w" Watts (secretary ot the Congregational ; Union) will preach at Beresford-street Con- ,, gregational Church, to-morrow. The Rev. Thomas Spurpon (exp ,oted to arrive from • the South to-day) will give the address at the (Sunday evening services in the City Hall, to / morrow evening. > The City Council invite tenders for newspapain, periodicals, mapizines, etc., for the Free Library. j.